Press release
Bio-lubricants Market showing a compound annual growth rate of 5.6%
bio lubricants market, bio based lubricants market, bio-lubricants market analysis, bio-lubricants market economy, bio-lubricants
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The global bio-lubricants market was valued at USD 2.01 billion in 2016 and is expected to reach USD 2.64 billion by 2021 showing a compound annual growth rate of 5.6%. The United States dominates the market due to public awareness on environmental protection, highest GDP, purchasing power parity and availability of optimum resources.
Bio lubricants are prepared from natural fats and vegetable oils such as coconut, sunflower, soybean, palm, etc. Their specific properties such as high lubricity, high viscosity, and non-toxic nature allowed them to be used as lubricants. Also called bio-lubes, these are best used in the industries where machines directly eject oil into the environment leading to various health and environmental problems.
The bio lubricants industry is in budding phase and is expected to grow at a very rapid pace in the near future. As bio-lubricants are a substitute for petroleum based lubricants, they are cleaner, less toxic and are associated with fewer environmental problems. Due to their high boiling temperature and consistent viscosity, they produce fewer emissions and are biodegradable. Moreover, these lubricants reduce the cost of any products life cycle as their storage, maintenance and disposal requirements are less.
Market Dynamics of the Global Bio-Lubricants Market:
The changing regulatory environment of lubricant industry around the world also makes it an industry with high future growth prospects. The USA, EU (the largest consumer of lubricants) and China are changing their policies to support the bio lubricants. Also, as the climate change is gaining value, the developing economies are also switching to eco-friendly fuels. It will significantly reduce the pollution due to the leak in the engines and systems thereby, improving the living conditions.
In future, the lubricant industry is going to face a serious challenge in regards to its survival as the raw material for lubricants i.e. crude oil is depleting. With the current use, petroleum reserves will not last long. Hence, there is a great opportunity in the coming future for the alternatives and bio lubricants have put their feet forward at the right time.
The major players in the bio-lubricants market discussed in the report are:
BP PLC
Chevron
Royal Dutch Shell
Total S.A.
Key Deliverables in the Study:
Analysis for the global bio-based lubricants market, with region specific assessments and competition analysis on a global and regional scale.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the global bio-based lubricants market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
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